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Author Topic: Why African millennials can't get enough of Bitcoin  (Read 63 times)
krishnapramod
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January 08, 2018, 04:48:38 PM
 #1

Bitcoin is seeing increasing popularity in Africa. It's not just those hoping to get rich quick who are getting in on the action, but more as a store of value, as a medium to transfer cash across borders, possibly as an exist out of poverty in the current political and economical uncertainty.

A couple of hours ago Business Tech reported, Red & Yellow, a business school in South Africa will be accepting Bitcoin payments for all degrees, advanced diplomas, certificates and online courses with the purpose of preparing its students for career success in a digital future.

Bitcoin isn't going to have a major impact on a developed nation with a strong political/financial/economical stability where Bitcoin is starting to get perceived more as a speculative asset, but will first thrive in a developing nation like Africa for the very reasons it was created, too small flawed banking sector with a huge unbanked population without financial freedom.

Quote
Disrupting remittances

In parts of the continent - especially commercial hubs like Lagos, Nairobi and Johannesburg - a small but growing number of people are finding that cryptocurrencies offer a cheaper solution to an expensive problem - transferring funds across borders.

With traditional remittance companies like Western Union, when you transfer money initially it goes from your local currency into dollars then on the other side they receive dollars which are then converted into the local currency.
You lose a lot of money in that conversion.

It is cheaper, especially when there is a shortage of dollars in the country or restrictions on accessing dollars.
It is also quicker because you don't have to go through long complicated bank approvals.

In Nigeria, when the government placed controls on access to the US dollar during a financial crunch, Bitcoin made it much easier for businesses to transfer cash abroad, something that has increased interest in cryptocurrencies in the country.

In places like Zimbabwe, where there has been political and economic instability, Bitcoin has become a place to store value, buy goods and services from abroad and crucially a vehicle for remittances from the diaspora.

Bitcoin classes

Martin Serugga, a sharply dressed currency trader in Kampala warns people to be cautious too. He says unfamiliarity about the new financial instruments could lead to criminals duping customers out of their money.

Nevertheless, he has started weekly classes with over 50 people attending to learn about cryptocurrencies and how to trade them against traditional currencies like the US dollar or British pound.

He says high youth unemployment in Uganda is driving interest in Bitcoin and other products.

"If you don't have factory jobs and you don't have corporate jobs to serve the thousands of young people coming out of the universities this is an alternative," he says.

Blockchain magic

But it's not just the currency aspect of this technology that people think will transform the continent.

"If African developers, entrepreneurs, and governments can leverage blockchain technologies, they may have a shot at tackling some of the continent's most intractable problems of the unbanked masses, digital identities, untrusted voting systems, to name only a few applications," Mr Blazevic explains.

"With the right support for innovation, and collaboration Africa could once again leapfrog over the digital divide and become a market leader just like it did in the move from landline communications infrastructure to the mobile phone ecosystem."
http://www.bbc.com/news/world-africa-42582343

South African business school to accept Bitcoin payments

https://businesstech.co.za/news/banking/218337/south-african-business-school-to-accept-bitcoin-payments/

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Slow death
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January 08, 2018, 06:47:50 PM
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Bitcoin is a currency of refuge, if Africa has poor people these people will eventually invest in bitcoin, I believe that in a few years all countries will be allowing the use of bitcoin. I always say that the biggest obstacle that we Africans have faced is the corruption on a large scale, Africans have a very retarded way of thinking... If an African becomes president of a country, this African takes the government as if it were property of him, this African enriches his entire family with the hard-earned money of the people.
The African is poor, but he lives in luxury. All members of that president's political party live in the greatest joy and wealth.

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Bitcoin is seeing increasing popularity in Africa. It's not just those hoping to get rich quick who are getting in on the action, but more as a store of value, as a medium to transfer cash across borders, possibly as an exist out of poverty in the current political and economical uncertainty.

power and money blind people and Africans for having suffered with colonialism and liberate their countries have put in their heads that they are owners of the country because they sacrificed themselves for the country.

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January 08, 2018, 07:18:14 PM
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Bitcoin is a currency of refuge, if Africa has poor people these people will eventually invest in bitcoin, I believe that in a few years all countries will be allowing the use of bitcoin.
South africa have the best economy in the whole african continent. The quality of life in africa is good and stable and can be easily compared to most of the european countries. They are far from the poverty that you are talking about.
A couple of hours ago Business Tech reported, Red & Yellow, a business school in South Africa will be accepting Bitcoin payments for all degrees, advanced diplomas, certificates and online courses with the purpose of preparing its students for career success in a digital future.
The situation is the same as in any other organisation that started accepting cryptocurrencies. It is more likely to be a PR move. Something like "Buy a risky asset on the amount you can afford to lose". I don't think that some of them is brave enough to  start getting a significant amount of their income in crypto.

iram1011
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January 08, 2018, 07:35:32 PM
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I would like the people who don't ship Bitcoin because it's a tax haven and makes anonymous, untraceable transactions for drug mafias easy. It's free from from bank meddling & it has to be untraceable because one can't happen without the other. It is a necessary evil. And has proven to be helpful in other countries where banking system is inefficient & inadequate. Like Venezuela, where people took refuge in Bitcoin to deal with hyperinflation.
RickIVcone
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January 08, 2018, 11:19:01 PM
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I would like the people who don't ship Bitcoin because it's a tax haven and makes anonymous, untraceable transactions for drug mafias easy. It's free from from bank meddling & it has to be untraceable because one can't happen without the other. It is a necessary evil. And has proven to be helpful in other countries where banking system is inefficient & inadequate. Like Venezuela, where people took refuge in Bitcoin to deal with hyperinflation.

Implying fiat cash isn't anonymous ..
jseverson
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January 09, 2018, 02:42:29 AM
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Woah, that's awesome. While we're out here talking about the outrageous fees and how Bitcoin is barely usable as a currency, South Africa is finding uses for it. It just goes to show that Bitcoin hasn't lost its utility as so many shills might suggest.

It's interesting because it's usually struggling countries that find the most value out of Bitcoin. It's the same case with Venezuela where they use it to escape deflation. This perfectly illustrates how Bitcoin's decentralization can be used for financial independence. This can get a little diluted in first world countries because they're still relatively well taken care of by their governments, but Bitcoin can be a solution for people who have no choice but to take care of themselves.

xnightly
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January 09, 2018, 03:00:42 AM
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Wow that's crazy, and hope the people in Africa can someday all finally be unbanked. Even on a family level would be revolutionary.
TorbjornE
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February 02, 2018, 06:47:36 AM
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Protection from hyperinflation in the first place.

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February 02, 2018, 07:27:36 AM
 #9

Bitcoin is a digital currency, and without a specific sight or connection, we cannot access it directly. In this particular question about the popularity of bitcoin on which the millennials can't get enough of bitcoin, it is because of lack in information on how bitcoin being good contributed towards people. In bitcoin, it is not directly advertise in telivision. We can only found a few advertisements in social media, like facebook posting. In bitcoin system, it is not directly use for changing goods and products although, their are some institution accepting bitcoin as a term of payments, but only few, and also about myself, i started access bitcoin when one of my friend teaching me and explaining on how to access bitcoin with the used of gadgets with wifi or data connection.

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Nellayar
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February 02, 2018, 07:32:10 AM
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Bitcoin is a currency of refuge, if Africa has poor people these people will eventually invest in bitcoin, I believe that in a few years all countries will be allowing the use of bitcoin. I always say that the biggest obstacle that we Africans have faced is the corruption on a large scale, Africans have a very retarded way of thinking... If an African becomes president of a country, this African takes the government as if it were property of him, this African enriches his entire family with the hard-earned money of the people.
The African is poor, but he lives in luxury. All members of that president's political party live in the greatest joy and wealth.
Africa's poverty started from the colonization of European countries. History dictated how the poor continent wanted to overcome the problem. Africa is a rich continent, different natural resources can be found in Africa, black diamonds can be seen in Africa (the most luxurious diamond in the world). Unfortunately, the continent is under corrupted government. The development becomes stagnant and almost all citizens are deprive for education. There is no more changing, there is no more progression for the Africa, the problem needs to deal by the government. If the government cares about the citizen and the country, they will make improvements for the Africa.
When does the Africa moves on? I believe that there are time for something, Africa will reach its peak if all of the people are united as one and when the government will take care for the welfare of the citizen. The adaption of trends is possible if they resolve first the undying problem of Africa, the corruption.

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